三個皮匠報告
政策庫
new
付費
搜索

FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）-行業數據

FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）
根 以上主要假設條件，采用 FCFE 與 EVA 估值方法，得 公司的合理市值 間為316.6-339.2 億元 RMB。
行業數據 下載Excel 下載圖片 原圖定位
圖片屬性
圖片格式：PNG 圖片大?。?4KB 圖片尺寸：1771*553
同報告圖片
 / 83
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第1頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第2頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第3頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第4頁
fCDlubTku70gfCDkuprmnLXphZLlupfpl6jlupfmlbDph48gfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS18CnwgMjAxOSB8IDQwMOW3puWPsyAgICAgICB8CnwgMjAyMCB8IDYwMOW3puWPsyAgICAgICB8CnwgMjAyMSB8IDgwMOW3puWPsyAgICAgICB8CnwgMjAyMiB8IDEwMDDlt6blj7MgICAgICB8CnwgMjAyMyB8IDEyMDDlt6blj7MgICAgICB8CnwgMjAyNFEz5pyrIHwgMTUwMOW3puWPsyAgICAgIHwKCgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrvvIzlm73kv6Hor4HliLjnu4/mtY7noJTnqbbmiYDmlbTnkIY=
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第5頁
5qC55o2u5Zu+54mH5Lit55qE5pWw5o2u77yM55Sf5oiQ55qE6KGo5qC85aaC5LiL77yaCgp8IOmFkuW6lyB8IOWuouaIv+WNoOavlCB8CnwtLS0tLS18LS0tLS0tLS18Cnwg5Y2O5L2PICB8IDkwJSAgICB8Cnwg6ZSm5rGfICB8IDk0JSAgICB8Cnwg6aaW5peFICB8IDg0JSAgICB8Cnwg5Lqa5py1ICB8IDk3JSAgICB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrvvIzlm73kv6Hor4HliLjnu4/mtY7noJTnqbbmiYDmlbTnkIY=
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第6頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第7頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第8頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第9頁
fCDlubTku70gfCDmlLblhaXvvIjkur/lhYPvvIkgfCDokKXmlLZ5b3kgfAp8LS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tLS18CnwgMjAxOSB8IDE1ICAgICAgIHwgICAgICAgIHwKfCAyMDIwIHwgMTUgICAgICAgfCAwJSAgICAgfAp8IDIwMjEgfCAyMCAgICAgICB8IDM3JSAgICB8CnwgMjAyMiB8IDIxICAgICAgIHwgNSUgICAgIHwKfCAyMDIzIHwgNDUgICAgICAgfCAxMDYlICAgfAp8IDIwMjRFfCA3MCAgICAgICB8IDQ5JSAgICB8CgoK6LWE5paZ5p2l5rqQ77ya5YWs5Y+45YWs5ZGK77yM5Zu95L+h6K+B5Yi457uP5rWO56CU56m25omA5pW055CG
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第10頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第11頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第12頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第13頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第14頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第15頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第16頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第17頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第18頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第19頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第20頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第21頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第22頁
fCDnsbvlnosgfCDkuprlpKogfCDmrKfmtLIgfCBVLlMuIHwKfC0tLS0tLXwtLS0tLS18LS0tLS0tfC0tLS0tLXwKfCDpnZ7ov57plIEgfCAzNCUgIHwgNDglICB8IDU4JSAgfAp8IOe7j+a1juWeiyB8IDE2JSAgfCAxNyUgIHwgMTIlICB8Cnwg5Lit56uvIHwgMTAlICB8IDE0JSAgfCAxMCUgIHwKfCDkuK3pq5jnq68gfCAxMiUgIHwgMTAlICB8IDEwJSAgfAp8IOmrmOerryB8IDEwJSAgfCA3JSAgIHwgOCUgICB8Cnwg6LaF6auY56uvIHwgMTAlICB8IDQlICAgfCA0JSAgIHwKfCDlpaLljY4gfCA4JSAgIHwgMCUgICB8IDAlICAgfAoK6LWE5paZ5p2l5rqQ77yaU1RS77yM5Zu95L+h6K+B5Yi457uP5rWO56CU56m25omA5pW055CG
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第23頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第24頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第25頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第26頁
fCDlm74zMO+8muS4reWbveWQhOaho+asoemFkuW6l+aMieaIv+mHj+WIhuW4g++8muWRiOmHkeWtl+WhlOe7k+aehCB8IOixquWNjiB8IOmrmOerryB8IOS4reahoyB8IOe7j+a1juWeiyB8CnwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwgLS0tIHwKfCAyMDE45bm0IHwgNyUgfCAxMiUgfCAxNSUgfCA2NiUgfAp8IDIwMjTlubQgfCA3JSB8IDE0JSB8IDIwJSB8IDU4JSB8CgrotYTmlpnmnaXmupDvvJpTVFLvvIzmt7fmsozlrabpmaLvvIzlm73kv6Hor4HliLjnu4/mtY7noJTnqbbmiYDmlbTnkIY=
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第27頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第28頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第29頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第30頁
fCDlnLDljLogICAgfCDov57plIHljJbnjoflr7nmr5QgfAp8LS0tLS0tLS0tfC0tLS0tLS0tLS0tLXwKfCDkuK3lm70gICAgfCA0MCUgICAgICAgIHwKfCDmrKfmtLIgICAgfCA0MCUgICAgICAgIHwKfCDnvo7lm70gICAgfCA3MCUgICAgICAgIHwKfCDkuprlpKogICAgfCA1MCUgICAgICAgIHwKfCDlhajnkIMyMDE5IHwgNTAlICAgICAgICB8Cnwg5YWo55CDMjAyMyB8IDU1JSAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77ya55uI6J22572R44CBU1RS44CBSUhH6LSi5oql44CB5Zu95L+h6K+B5Yi457uP5rWO56CU56m25omA5pW055CG
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第31頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第32頁
5Lul5LiL5piv5Zu+54mH5Lit55qE5pWw5o2u55Sf5oiQ55qE6KGo5qC877yaCgp8IOmFkuW6l+aho+asoSB8IOmFkuW6l+mbhuWbolRPUDbluILlnLrku73pop0gfCDlhbbku5bku73pop0gfAp8IDotLTogfCA6LS06IHwgOi0tOiB8Cnwg5aWi5Y2OIHwgMzklIHwgMTElIHwKfCDotoXpq5jnq68gfCA5MSUgfCA5JSB8Cnwg6auY56uvIHwgODglIHwgMTIlIHwKfCDkuK3pq5jnq68gfCA3NSUgfCAyNSUgfAp8IOS4reerryB8IDQ3JSB8IDUzJSB8Cnwg57uP5rWO5Z6LIHwgLSB8IC0gfAoK6LWE5paZ5p2l5rqQ77yaU1RSLCBTdGF0aXN0Y3MsIFNLSUZUIFJlc2VhcmNoLCDlm73kv6Hor4HliLjnu4/mtY7noJTnqbbmiYDmlbTnkIY=
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第33頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第34頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第35頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第36頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第37頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第38頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第39頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第40頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第41頁
fOW5tOS7vXwg6auY5qGj6YWS5bqX5pWw6YePIHzlkIzmr5Tlop7pgJ98CnwtLS18LS0tfC0tLXwKfDIwMTYgfDExMDAwfCAgICAtICAKfDIwMTcgfDEyMDAwfCAxMCUgIAp8MjAxOHwgMTMwMDB8IDEwJSAgCnwyMDE5fCAxNTAwMHwgMTUlICAKfDIwMjB8MTYwMDB8IDEwJSAgCnwyMDIxfDE0MDAwfC0xNSUgIAp8MjAyMnwxNTAwMHwxMCUgIAp8MjAyM3wxOTAwMHwyNSUgIAp8MjAyNEV8MjEwMDB8MTAlfAoK6LWE5paZ5p2l5rqQ77ya55uI6J22572R77yM6YWS5bqX5LmL5a6277yM5Zu95L+h6K+B5Yi457uP5rWO56CU56m25omA5pW055CG
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第42頁
fCDlubTku70gfCDkuprmnLXpm4blm6Lku73pop0gfCDkuprmnLXlk4HniYzku73pop0gfAp8LS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tLS0tLXwKfCAyMDE5IHwgMi44JSAgICB8IDIuNSUgICAgfAp8IDIwMjAgfCA0LjIlICAgIHwgMy41JSAgICB8CnwgMjAyMSB8IDUuNSUgICAgfCA0LjUlICAgIHwKfCAyMDIyIHwgNi41JSAgICB8IDUuNSUgICAgfAp8IDIwMjMgfCA2LjUlICAgIHwgNS41JSAgICB8CnwgMjAyNEUgfCA3LjUlICAgIHwgNi41JSAgICB8CgrotYTmlpnmnaXmupDvvJrnm4jonbbnvZHvvIzphZLlupfkuYvlrrbvvIzlhazlj7jlhazlkYrvvIzlhazlj7jlrpjnvZHvvIzlm73kv6Hor4HliLjnu4/mtY4=
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第43頁
fCDnvo7lm73kuK3pq5jnq6/jgIHkuK3nq6/phZLlupfpvpnlpLTluILlnLrku73pop3mg4XlhrUgfCDmtLLpmYUgfCDluIzlsJTpob8gfCDnsr7pgInlm73pmYUgfCDkuIfosaogfCDmuKnlvrflp4YgfCDlhbbku5YgfAp8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8Cnwg5Lit6auY56uvIHwgMjUlIHwgMjQlIHwgMTYlIHwgMTMlIHwgMTAlIHwgMTIlIHwKfCDkuK3nq68gfCA5JSB8IDUlIHwgMzYlIHwgMjUlIHwgMjUlIHwgMjUlIHwKCui1hOaWmeadpea6kO+8mlNUUu+8jFNLSUZU77yM5Zu95L+h6K+B5Yi457uP5rWO56CU56m25omA5pW055CG
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第44頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第45頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第46頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第47頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第48頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第49頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第50頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第51頁
5aW955qE77yM5oKo55qE6K+35rGC5oiR5Lya5Li65oKo5a6M5oiQ44CCCgrku6XkuIvmmK/lm77niYfkuK3nmoTmlbDmja7ku6Xlj4rnlJ/miJDnmoTmlbDmja7ooajmoLzvvJoKCnwg5pS25YWl57G75Z6LICAgICB8IOWNoOavlCAgfAp8LS0tLS0tLS0tLS0tLS18LS0tLS0tLXwKfCDkvpvlupTpk77mlLblhaUgICB8IDQ0JSAgIHwKfCDmjIHnu63liqDnm5/otLkgICB8IDUwJSAgIHwKfCDpppbmrKHliqDnm5/otLkgICB8IDIlICAgIHwKfCDlhbbku5bliqDnm5/otLkgICB8IDQlICAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOi0ouaKpe+8jOWbveS/oeivgeWIuOe7j+a1jueglOeptuaJgOaVtOeQhg==
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第52頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第53頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第54頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第55頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第56頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第57頁
fCDkuprmnLXpm7bllK7kuJrliqHmr5vliKnnjoflj5jljJblkozkuI7lkIzooYzlr7nmr5QgfCAyMDIxIHwgMjAyMiB8IDIwMjMgfAp8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8Cnwg5Lqa5py16Zu25ZSu5Lia5Yqh5q+b5Yip546HIHwgMzclIHwgNDAlIHwgNDclIHwKfCDmoqbnmb7lkIggfCAyOCUgfCAzMSUgfCAzOCUgfAp8IOawtOaYn+Wutue6uiB8IDM4JSB8IDM5JSB8IDQwJSB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrvvIzlhazlj7jlrpjnvZHvvIzlm73kv6Hor4HliLjnu4/mtY7noJTnqbbmiYDmlbTnkIY=
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第58頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第59頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第60頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第61頁
5aW955qE77yM5Lul5LiL5piv5LuO5Zu+54mH5Lit5o+Q5Y+W55qE5pWw5o2u5Lul5Y+K5a+55bqU55qE6KGo5qC844CC6K+35rOo5oSP77yM55Sx5LqO5Zu+54mH6L6D5Li65qih57OK77yM6YOo5YiG5paH5a2X5Y+v6IO95peg5rOV5YeG56Gu6K+G5Yir44CCCgp8IOW5tOS7vSB8IOS6i+S7tiB8CnwtLS0tLS18LS0tLS0tfAp8IDIwMTMgfCDkuprmnLXmiJDnq4sgfAp8IDIwMTQgfCDpppblrrbliqDnm5/lupfopb/lronlvIDkuJogfAp8IDIwMTYgfCDkuprmnLXmjqjlh7rlj5HlsZXkuI7kvY/lrr/nm7jlhbPnmoTnlLXllYbnrYnkuJrliqEgfAp8IDIwMTcgfCDlnLrmma/pm7bllK7mjIHnu63mjqLntKLmianlvKDmnJ/vvIzlm7Tnu5XkvY/lrr/jgIHml4XooYznrYnpoobln5/lvIDlj5HlpJrmrL5TS1UgfAp8IDIwMTggfCDkuprmnLXpl6jlupfotoXov4czMDDlrrYgfAp8IDIwMTkgfCDkuprmnLXpl6jlupfotoXov4cxMDAw5a62IHwKfCAyMDIwIHwg5YWs5Y+45Y+R5biD5paw5ZOB54mMSG90ZWzjgIHmjqjlh7rkuprmnLXovbvlsYXphZLlupfjgIHkuprmnLVY6YWS5bqX5ZKMQS5ULkhvdXNl77yM5ZOB54mM55+p6Zi15Yid5q2l5b2i5oiQIHwKfCAyMDIxIHwgNuaciO+8muS6muacteW8gOS4mumXqOW6l+i+vjUwMOWutu+8mzEy5pyI77ya6KeE5YiS6Zeo5bqX6L6+NjAw5a62IHwKfCAyMDIyIHwgMuaciO+8mui9u+WxhTMuMOeJiOacrOWPkeW4g++8mzEx5pyI77ya5Y+R5biD5Lqa5py1NC4w54mI5pysIHwKfCAyMDIzIHwgNOaciO+8muS6muactembhuWbouW8gOS4mumXqOW6l+i2hei/hzEwMDDlrrbvvJsxMOaciO+8muaOqOWHuumrmOerr+WTgeeJjOWSjOi9u+WxheWcqOiQpemXqOW6l+i2hTEwMOWutiB8CnwgMjAyNCB8IOS6muactea3seedoeecoOezu+WIl+S6p+WTgei/m+WFpeWkqeeMq+WJjTEw5ZCNIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWumOe9keOAgeWFrOWPuOWFrOWRiuOAgeeOr+eQg+aXheiur++8jOWbveS/oeivgeWIuOe7j+a1jueglOeptuaJgOaVtOeQhg==
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第62頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第63頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第64頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第65頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第66頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第67頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第68頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第69頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第70頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第71頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第72頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第73頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第74頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第75頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第76頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第77頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第78頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第79頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第80頁
5aW955qE77yM5Lul5LiL5piv5oKo5Zu+54mH5Lit55qE5pWw5o2u6KGo5qC85ZKM6LWE5paZ5p2l5rqQ77yaCgp8ICB8IDIwMjIgfCAyMDIzIHwgMjAyNFEzIHwgMjAyNEUgfCAyMDI1RSB8IDIwMjZFIHwgMjAyN0UgfAp8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8Cnwg6auY56uvJuixquWNjiB8IDU3IHwgNjggfCA3NyB8IDgzIHwgOTYgfCAxMTAgfCAxMzggfAp8IOS4remrmOerr++8iOS6muacte+8jOS6muactVjvvIkgfCA4MDEgfCAxMDM0IHwgMTMxOSB8IDEzNzkgfCAxNjgxIHwgMTk0NiB8IDIyMjcgfAp8IOS4reerr++8iOi9u+Wxhe+8iSB8IDc0IHwgMTA4IHwgMTM3IHwgMTUxIHwgMjUyIHwgNDAzIHwgNTQ1IHwKfCDlvIDkuJrpl6jlupflkIjorqEgfCA5MzIgfCAxMjEwIHwgMTUzMyB8IDE2MTMgfCAyMDI5IHwgMjQ1OSB8IDI5MTAgfAp8IOW8gOS4mumXqOW6l+WinumAnyB8IDI1JSB8IDMwJSB8ICB8IDMzJSB8IDI2JSB8IDIxJSB8IDE4JSB8Cnwg562+57qm6Zeo5bqXIHwgMzYzIHwgNjE3IHwgNzMyIHwgIHwgIHwgIHwgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiu+8jOWFrOWPuOWumOe9ke+8jOWbveS/oeivgeWIuOe7j+a1jueglOeptuaJgOaVtOeQhumihOa1iw==
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第81頁
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
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第82頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第83頁
FCFE估值，絕對估值相對折現率和永續增長率的敏感性析（億元RMB）_第84頁
所屬報告： 亞朵-美股公司研究報告-本土中高端酒店NO.1打造“住宿+零售”高成長新范式-250124（49頁）.pdf
打包全文圖表

相關數據

最新數據
聯系我們
  • 0731-84720580
  • sgpjbg002
  • 工作日 9:30 - 18:00
關于我們
侵權處理
關于我們

三個皮匠報告專業的行業報告下載站，每日更新，歡迎大家關注！

copyright@2008-2013 長沙景略智創信息技術有限公司版權所有
網站備案/許可證號：湘B2-20190120

客服
商務合作
小程序
服務號
折疊
午夜网日韩中文字幕,日韩Av中文字幕久久,亚洲中文字幕在线一区二区,最新中文字幕在线视频网站